Promissory Note For Debt Of The Shut Company

[Cuarto]

Our issue entails personalfinance in the USA of: Vegas / Florida<br />
Hi all. I am new here. Been experiencing plenty of fascinating posts and guidance below, and was wishing to obtain some support having a promissory note problem.<br />
Many years back I co-possessed an organization that ultimately went of company. A number of our workers were setup as separate companies, plus one of these been a great friend of mine. <br />
I will act as short: in A stage within the firm's schedule, it became apparent we probably would not make it. Many individuals quit or remained on for reduced pay. Our buddy also remained on and was getting less monthly than was reported in his agreement. I told him I Would do my better to look after him, and he caught it out before finish. Once the organization shut, he work looked his approach right into a new place almost instantly. But, before he shifted away, he questioned me what we're able to do concerning the gathered debt (the total amount of that which was owed to him contractually vs. that which was really paid). Since I Would say I'd look after him, he picked up a promissory note, and I decided to pay him individually all the cash he was owed.<br />
If that was not silly enough, for me, I also decided to curiosity and fee procedures inside this notice. I did so my better to pay him when and just how I really could, and through the years thousands (of thousands) of bucks have already been compensated. I have diverted resources as well as stock from my new organization to pay for him. <br />
Nevertheless, as time continues, I've become increasingly sour within the procedures of the notice. Why must I took about the obligations of the unsuccessful organization? Nobody else got compensated, we shut the gates and went. Subsequently, what type of buddy burns you with large curiosity and fines? Sooner or later, he must have obtained responsibility for their own existence and quit the organization when the decreased pay was so harmful. You will want to an easy money volume, and I would like to spend it along. I'd SIMPLY NO responsibility to get this done for him. Like a friend who agreed to pay him anyhow, you might believe he might have been a buddy back and permitted it to occur on friendly conditions. Sigh.<br />
Although I Have been creating a payment per month to him of around 0, I have not seen a declaration from him in over annually. I've no idea just how much he claims I actually owe him anymore. At this time its all a large figures game.<br />
I suppose I am thinking what my choices are. Was it authorized to start with? May I truly owe something which was never settled in my experience? (quite simply, I never personally obtained anything from him, consequently how may I owe him something?) How enforceable may be the notice at this time? Am I a idiot easily provide a solitary one time lumpsum of state 00 to wander in the remainder of it, or does which make him believe I've actually more cash up my sleeve, therefore he begins smelling around for much more??<br />
Any feelings, suggestions, etc.-are THEREFORE loved. I mentioned I'd maintain this short, so I'll finish it below. Cheers ahead of time everybody...<br />
Horrace

[Wiellatun]

First, is this a California legal matter or a Nevada legal matter?

Second, how long ago was the note executed, and when was the last payment on the note made?

Third, what are the terms of the note, including interest and penalties?